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The latest update is out from Rio Tinto Limited ( (AU:RIO) ).
Rio Tinto, in collaboration with Mitsui and Nippon Steel, has announced a $733 million investment to extend the West Angelas iron ore mine in Western Australia’s Pilbara region. This project, part of the Robe River Joint Venture, has received all necessary government approvals and aims to maintain the hub’s annual production capacity of 35 million tonnes. The development will include new deposits, infrastructure, and haul roads, with first ore expected by 2027. The initiative is set to create approximately 600 construction jobs and sustain 950 full-time roles, reinforcing Rio Tinto’s commitment to the Pilbara region and its partnerships with local Indigenous communities.
The most recent analyst rating on (AU:RIO) stock is a Hold with a A$125.00 price target. To see the full list of analyst forecasts on Rio Tinto Limited stock, see the AU:RIO Stock Forecast page.
More about Rio Tinto Limited
Rio Tinto Limited is a leading global mining group that focuses on finding, mining, and processing mineral resources. The company is primarily involved in the production of iron ore, aluminum, copper, diamonds, gold, and industrial minerals. Rio Tinto operates in various regions worldwide, with a significant focus on the Pilbara region in Western Australia, known for its rich iron ore deposits.
YTD Price Performance: 12.11%
Average Trading Volume: 1,522,784
Technical Sentiment Signal: Buy
Current Market Cap: A$172.5B
Learn more about RIO stock on TipRanks’ Stock Analysis page.